The most recent spate of loadshedding has been some of the worst in South African, prompting many businesses to diversify their offerings with power and electricity in mind. The same goes for the local finance sector as Nedbank will now offer funding for those wanting to install solar projects in their homes.

The solutions are being offered at a time when the state of loadshedding is only expected to change significantly in five years, as the price of electricity and general cost of living is also rising sharply.

As such, investing in a solar alternative might prove a solid long-term solution, particularly as choosing a different utility provider is nigh impossible at the moment.

“Solar energy systems have declined massively in price over the past few years, with some solar photovoltaic (PV) components reducing in price by up to 90% over the past 15 years, it means that ‘going off the grid’, or at least reducing dependency on Eskom power, is now within reach for many homeowners,” notes Ciko Thomas, group managing executive in Nedbank Retail and Business Banking.

“Our new asset-backed solar finance solution, provided through MFC, is available to anyone wanting to install a solar energy solution on their property, no matter who their mortgage bond is with, or even if their property isn’t bonded at all,” explains Thomas regarding the new funding offering.

This is not exclusive to Nedbank clients either, with any homeowner capable of applying.

“Nedbank’s solar finance offering doesn’t require applicants to undergo a property valuation, which is typically needed when applying for a readvance or further loan, but it still offers a preferential interest rate. In fact, this solution makes funding a solar installation as easy as buying a car,” Thomas continues.

Those interested in this new financing solution from Nedbank, can make enquiries here.

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